“What you do need is to make a decision, set a schedule, and get started. What you need is to do the work,” wrote James Clear in his article titled What Is Actually Required for Success.

As fundraisers we approach the new year asking ourselves, “What do I need to do to reach bigger fundraising goals this year than last year?” This question can feel oppressive, especially if you barely hit this year’s fundraising goals. 2024 can feel like a lost cause before the year has even begun.

But like James Clear wrote the secret to success is rarely learning more or getting the most updated gadget. The secret is doing the work. If you’re going to commit to doing the work it would be nice to commit to the most impactful work, right?! 

That’s exactly what you will learn in this article. First you’ll unpack the four expectations for 2024 fundraisers should know. Then you’ll dive into the three things you should focus on to have a successful fundraising year.

Are you ready? 

Expectations for 2024

When you’re planning something it’s good to know what specifics you should prepare for. 

For example you can pack for a vacation, but knowing if you’re going on a beach vacation or ski trip will significantly alter how you will prepare.

Similarly, making a fundraising plan for 2024 could look significantly different than the plan you made a few years ago because of the following: 

Cash is on the decline

How would a 6-7% decrease in gifts impact your organization? 

Giving USA’s 2023 report showed a 6.4% decrease in individual giving in 2022.  Their research also indicates that noncash gifts are growing at a rapid rate. So if individual giving is going down but noncash gifts are increasing, we can conclude that cash giving is going down at an even faster rate than 6.4%.  To be clear, cash giving includes hard cash, checks, paypal etc.

To combat the decrease in cash gifts, you should create an asset giving strategy (which we will cover in the next section of this article).

DAFs continue to increase in popularity

Donor Advised Funds (DAFs) are growing at a rapid rate. These gifts are tax-savvy options for donors that allow them to make current gifts while also giving later. 

According to National Philanthropic Trust, DAFs are increasing in popularity for donors because they “maximize tax benefits. Donors can contribute immediately, build a philanthropic strategy and recommend grants when ready. Charitable assets may grow over time, making more charitable dollars available to nonprofits.”

The Great Wealth Transfer is really happening

The Great Wealth Transfer is a 20-25 year period during which 45 million households will cumulatively pass on an estimated $73 trillion from one generation to the next! Cerulli Associates estimates that $10-$12 trillion of that will go to charity. 

This transfer is happening RIGHT NOW!

To help you get your head around those mammoth numbers, these estate gifts alone will provide an average of $476 billion to nonprofits each year — a number equivalent to the total of all charitable giving in 2021. Total giving from bequests alone will be comparable to total giving from all other sources of donations combined — individuals, corporations, foundations, etc.

2024 is an Election Year

Elections have a tendency for disrupting giving. According to FreeWill, “Historically, nonprofits ‘aligned’ with the losing party see a sharp increase in giving after an election — especially if the result is a surprise. Nonprofits ‘aligned’ with the winning party see a slight decrease in giving.”

During election years there is also an increase in communication as parties work to secure votes and dollars. This means your organization is facing potential donor fatigue and getting lost in a multitude of outreach and giving requests. 

To minimize the effects of elections on fundraising efforts nonprofits should:

1. Focus on fundraising efforts during the first half of the year. November 5th is the presidential election. Prioritizing your fundraising efforts for the first half of the year will get you ahead of the fundraising curve by the time people are distracted with elections. 
2. Focus on making your content stand out. Outreach and requests for support increase significantly in election years. If your communication — emails, texts, and snail mail — is going to work you need it to get opened! Staying in communication with your donors will increase potential gifts and retain donors. 

Three Priorities for Your 2024 Fundraising Plan

“He who fails to plan is planning to fail,” said Winston Churchill. 

The first thing you need for a successful year of fundraising in 2024 is a plan. This is something very few fundraisers drop the ball on because the board requires it. However, I do think many fundraisers could create better plans. 

I have seen two common fundraising plans in my 30+ years of fundraising:

1. Simple and minimal. It includes the total amount of dollars needed for operations and growth, and quarterly goals. The board signs off on it and it gets quickly buried beneath a list of to dos. 
2. Simple and actionable. It also includes the total amount of dollars needed for operations and growth, and quarterly goals. This plan goes one step further by clarifying specific action steps to reach each goal, deadlines, and task assignments. It’s referred to regularly and re-evaluated quarterly.

What kind of fundraising plan does your organization create?

Organizations that create and implement the second kind of fundraising plan usually hit or exceed their fundraising goals on time. If you want to create a simple and actionable fundraising plan but don’t know where to start we would love to help. Schedule a no-cost consultation HERE. 

As you are creating (or reviewing) your fundraising plan there are three strategies you need for 2024 to ensure success: asset giving strategy, communication strategy, staffing strategy. 

Priority #1: Asset Giving Strategy

Asset gifts are becoming the most popular way to give. Which means, if you’re not inviting asset gifts, you’re missing out on financial support. Assets gifts are often referred to as major gifts, planned gifts, and legacy gifts. 

Inviting asset gifts benefits nonprofits in three ways: 

1. Receive larger gifts. Only 10% of wealth is held in cash, the other 90% is held in assets such as a house, stocks, and investments. When you invite gifts from assets you’re allowing donors to give from the 90% of their wealth, which means they can probably give a larger gift than if you asked for cash. 
2. Long-term financial stability. While asset gifts tend to be larger they also often result in recurring gifts. The extended lifetime of these gifts ensures that your organization will have dependable income long after the gift is made. 
3. Support their donors. Remember, Baby Boomers have fewer children than previous generations; many have no children. Inviting asset gifts allows your donors to leave a legacy with their hard-earned resources to a cause they care about.
   
   

An asset giving strategy should include: focused invitations in August and January, working-language scripts, and prioritizing DAF invitations.

Focused Invitations in August & January

You should incorporate asset gift invitations in your communication year-round. However, August and January are key months for having gift conversations with donors.

These are times of the year — August, Make-A-Will month, and the start of the year — when individuals tend to get their finances in order and think about the future legacy they want to pass forward. Since your supporters are already in this frame of mind, meet them where they are and walk them through the asset gift conversations whether they give to your organization or another. 

Working-Language Scripts

All team members and board members need working language to begin conversations about asset gifts.

Create “scripts” so that everyone on your team knows what to say. Scripts help your team feel confident they’re saying the right thing. In turn, confidence increases the chances that your team will begin asset gift conversations. Scripts also give your organization consistent messaging. You can use these scripts in all your messaging, not just verbal communication.

If you’re ready to set your team up for success with asset gift conversations our Legacy Giving Coaching would be a great fit for you. If self-paced learning is more your style we also have a Legacy Giving Basics online course. 

Intentionally Invite Donor Advised Funds

Donor Advised Funds (DAFs) are tax savvy ways to give, that allow donors flexibility and control of their investment. DAFs are often current gifts that can become legacy gifts. 

Dana Holt recommends three steps to inviting DAF gifts:

1. Talk to your existing donors and ask if they already have a donor advised fund. If so, ask if they would consider requesting a grant for your important work.
2. Let people know they can request grants to your organization. This can be as simple as adding a single sentence to any written communication. 
3. Remember, most donors give to more than one charity. Donors can use their DAFs to support your important work as well as the work of other organizations.

When you invite DAFs you are caring for your organization’s important work, but you’re also caring for what donors care about. If your work is important to a donor, supporting your work with their DAF will likely bring them deep joy!

Priority #2: Communication Strategy

What we say to our donors and how we say it matters. Donor communication should not be something we throw together at the last minute. It should be intentional and crafted with your donor’s best interest in mind. 

Your 2024 communication strategy should include: commit to Seven Thank Yous, regular social media, and legacy giving conversations. 

Commit to Seven Thank Yous

When you’re focused on hitting fundraising goals and sending out your next appeal it’s easy to overlook extending gratitude. A “thank you” note or email doesn’t seem like it will move the needle toward your financial goals. But IT DOES!

A common, and successful, “thank you” practice is the Rule of Seven. Thanking your donor seven times between asks is a simple way to keep your donors engaged which often results in donor retention and increased gifts. 

Here are seven ways you can thank your donors:

1. Thank you note
2. Thank you call
3. Public “thank you” on a website, in a newsletter, or at a live event
4. Invitation to a donor specific event
5. Thank you video
6. Introduction to or “thank you” note from a beneficiary
7. Birthday card

When we slow down enough to say “thank you” with a phone call or note we are reminding donors of the impact they made. This is an important philanthropic psychology principle that affirms a donor’s belief about themselves — that they are caring and kind. Affirming this belief is what often leads to increased or repeat gifts. 

Regular Social Media Strategy

From screen time at work, social media on our phones, to netflix in the evening we are inundated with information all day everyday! 

This can make showing up on social media feel insignificant. But consider this: If most adults are spending time online daily, having a social media presence is meeting them where they’re at. 

A regular social media presence will help keep your organization top of mind. Keep your organization top of mind with these three steps:

1. 2-3 social media posts a week. 
2. Share one story a week in your posts.
3. 2-3 times a month invite viewers to give.

Having a regular social media presence increases donor response to live events and year-end appeals. You can keep it simple and still see positive results.

Incorporate Legacy Giving Communication

Do your donors know that you are eager and ready to receive legacy gifts? 

Quite a few years ago, I attended a Minnesota Planned Giving Council meeting where I was introduced to some marketing research that identified a simple ad. When used repeatedly and consistently, this ad was identified as the #1 trigger that caused a donor to take action on their charitable gift plans.

What does this mean? When donors know making legacy gifts is an option, they are more likely to make a legacy gift. 

Whether you use an ad or add a sentence or two about legacy giving to your written communication simply talking about legacy gifts with regularity will increase the legacy gifts you receive. 

Priority #3: Staffing Strategy

You will most likely lose one or more fundraising-related employees in the next two years.

How do I know? Studies show the average fundraiser stays on the job for 16 months; many of those individuals never return to work in fundraising. 

Building a staffing strategy into your fundraising plan will ensure that your fundraising plan stays on track when transition does happen. Your staff strategy should include: a leadership transition plan and an outsourcing plan.

Leadership Transition Plan

Most nonprofit organizations choose the “wait and see” approach when walking through a leadership transition. This approach jeopardizes donor retention, dollars, and trust. 

Instead of pausing your momentum during transition continue to grow by focusing on these three things: 

1. Focus your fundraising strategy. In most nonprofits at least 80% of results are created by 20% of the work. During a staff or leadership transition, it’s time to go all in on the 20%.
2. Prioritize donor stewardship. Donors are the lifeblood of any nonprofit. Keep donors engaged by being transparent, updating them regularly, and briefing your incoming leadership. 
3. Deploy staff and volunteers for fundraising. Educate and equip your current staff and volunteers during leadership transition to help fill fundraising gaps. They can make visits and phone calls and write thank you notes.   

Outsourcing Plan

Hiring a new staff member may be cost-prohibitive or you might not have time to find the right fit. 

In these situations nonprofits are seeing success by contracting professionals for individual responsibilities. A side benefit is that most nonprofits are seeing increased results for less than the cost of one salary. 

Four tasks that work well for outsourcing include:

1. Grant writing
2. Fundraising events
3. Communications and marketing
4. Development services and operations

The one task you should not outsource is major gifts fundraising. Major gifts fundraising requires building relationships and mutual value of your organization's mission. Even if you will transition major gifts fundraising to the new leadership this work should still be done in-house. 

Set Your 2024 Fundraising Up for Success

Thinking about fundraising in 2024 can feel chaotic especially when you’re sprinting to the end of 2023. But implementing a few intentional strategies can set your 2024 fundraising up for success. 

If you would like to discuss your 2024 fundraising plan with an expert you can learn about our Fundraising Plan Package HERE or schedule a no-cost consultation with our team HERE. We would love to support you in your important work!

The article was co-authored by Brenda Moore, CFRE and Samantha Roose.